Karyopharm reports inducement grants under Nasdaq listing rule
Karyopharm Therapeutics announced that the Compensation Committee of Karyopharm's Board of Directors granted stock options to purchase an aggregate of 39,000 shares of Karyopharm's common stock to five newly-hired employees, with a grant date of August 30, 2019. The stock options were granted as inducements material to the new employees entering into employment with Karyopharm in accordance with NASDAQ Listing Rule 5635(c)(4). Each of the stock options has an exercise price of $8.64 per share, the closing price of Karyopharm's common stock on August 30, 2019. Each stock option vests over four years, with 25% of the original number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee's employment commencement date and an additional 1/48th of the shares vesting monthly thereafter, subject to the employee's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each stock option will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a "change in control event," the employee's employment is terminated for "good reason" by the employee or terminated without "cause" by Karyopharm.